Shares of Chinese advertising company AirMedia rise on buyout offer from CEO

NEW YORK – Shares of AirMedia soared Friday after the Chinese advertising company said it received an offer from its CEO and other executives to buy the company and take it private.

AirMedia said Chairman and CEO Herman Man Guo, and unnamed managers, offered to pay $6 per American depositary share, a 70 percent premium from its Thursday closing price of $3.52. Guo, and the other buyers, already own a 38 percent stake of the company, AirMedia said.

AirMedia, which controls ads on billboards and TV screens in Chinese airports, said it has made "no decisions" on the offer.

Shares of AirMedia Group Inc. jumped $1.58, or 45 percent, to $5.10 in afternoon trading.